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Colorado takes latest steps in regulatory overhaul
Posted Date: Tuesday, August 25, 2015
Employees of the Colorado Department of Regulatory Agency’s Division of Insurance and members of the title industry have been hard at work for over a year to separate and revise the state’s title insurance regulation, Reg. 3-5-1, into several smaller regulations. Three of its committees have finished their work, producing two proposed regulations.
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Mortgage companies pull out of MSAs
Posted Date: Thursday, July 30, 2015
Two mortgage companies have made announcements that they are pulling out of all marketing services agreements, citing increasing regulatory uncertainty surrounding regulatory oversight of these arrangements. Other mortgage companies may soon follow suit. Reaction from the industry and the Consumer Financial Protection Bureau shows the broad reach of the decisions. “This will greatly impact the relationship between the players in the industry,” one said. Read on for the details, and stayed tuned to The Legal Description to find out how to remain compliant with the changing landscape, as well as expected announcements to come over MSAs and new guidance for TRID.
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Does improper notice of default void foreclosure sale?
Posted Date: Wednesday, August 12, 2015
If a lender provides borrowers with an improper notice of default, does that void a subsequent foreclosure sale to a bona fide purchaser? The Supreme Judicial Court of Massachusetts recently addressed this question in the latest in a series of cases addressing similar foreclosure-related issues. Read on for more details.
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Supreme Court determines junior lien priority in bankruptcy
Posted Date: Monday, June 8, 2015
The U.S. Supreme Court recently determined whether a debtor in a Chapter 7 bankruptcy proceeding may void a junior mortgage when the debt owed on a senior mortgage exceeds the present value of the property. Read on for more details.
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eClosing results positive, more research needed
Posted Date: Thursday, August 6, 2015
Without directly saying it, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray talked to a group of industry leaders gathered at the bureau’s headquarters and told them about the future for mortgage lending and eClosings. How soon can the industry get there? Will the CFPB create rules to push stakeholders forward? Read on for the details.
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Nevada expands definition of personal information
Posted Date: Tuesday, August 11, 2015
Nevada has expanded the definition of the types of information that constitute “personal information” that companies who collect personal information must protect. Read on to find out what new information must be secure.
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Ohio title agency sues Indiana insurance commissioner
Posted Date: Wednesday, August 5, 2015
A Cincinnati -area title agency filed suit this summer against Indiana Insurance Commissioner Stephen Robertson, alleging that Indiana title insurance laws and regulations were enforced selectively in violation of the U.S. Constitution. Read on for more details.
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New York’s latest steps to regulatory changes
Posted Date: Tuesday, July 28, 2015
The New York State Department of Financial Services recently took steps toward changes to regulations impacting the title insurance industry. It sought to extend one regulation on an emergency basis for an additional 45 days and received comments on another proposed regulation. Read on to find out what one industry association had to say about the regulations.
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Colorado Title Insurance Commission members appointed
Posted Date: Tuesday, August 18, 2015
Colorado Gov. John Hickenlooper appointed nine members to the Title Insurance Commission. The commission was created in the last legislative session as a result of Senate Bill 15-210. The commission will serve as an advisory body to the insurance commissioner. Read on for more details.
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New Mexico bulletin clarifies escrow requirements, despite TRID
Posted Date: Tuesday, August 18, 2015
New Mexico Superintendent of Insurance John Franchini issued a bulletin to title insurance producers that despite the forthcoming TILA-RESPA Integrated Disclosure Rule changes, producers must comply with the state’s escrow regulations. Read on for more details.
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Virginia woman sentenced for short sale scheme
Posted Date: Tuesday, August 18, 2015
An Ashburn, Va., woman was sentenced to five years in prison for her role in a short sale scheme that included tax and mortgage fraud. She and her co-conspirator, a settlement company owner, would falsify settlement statements and conduct the fraudulent closings. She would target distressed homeowners who were underwater, providing them with false promises of financial recovery. Read on for more details.
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N.J. loan officer sentenced for role in short sale scheme
Posted Date: Wednesday, August 12, 2015
A former Middlesex County, N.J., loan officer was sentenced for his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses. He conspired to release liens on encumbered properties via fraudulently arranged short sales. Read on for more details.
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Panelists: Consumers can get more from eClosing process
Posted Date: Wednesday, August 12, 2015
There were a couple of themes coming from the report on the Consumer Financial Protection Bureau’s eClosing pilot program. One of them was the potential consumer benefits from the eClosing process. But a pair of consumer advocates said more could be done to help consumers as technology helps move the mortgage lending industry toward adopting eClosings as a standard. Read on to see what they said, as well as other takeaways from the report.
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California man convicted of wire fraud
Posted Date: Wednesday, August 12, 2015
After a six-day trial, a federal jury found a Roseville, Calif., man who had been a licensed real estate salesperson and loan office manager, guilty of five counts of wire fraud in a mortgage fraud scheme. Read on for more details.
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Calculating loss of insured junior mortgagee
Posted Date: Wednesday, August 12, 2015
The Minnesota Court of Appeals had to determine how to calculate actual loss under a junior mortgagee’s title insurance policy after prior mechanic’s lien holders sought to foreclose on their liens. The junior mortgagee’s title insurer denied the mortgagee’s claim for indemnity. Read on for more details.
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When do property taxes become discoverable as a lien?
Posted Date: Tuesday, August 11, 2015
A case in Illinois involving Stewart Title centers on when a property tax assessment becomes discoverable, and therefore a lien. Are taxes assessed in a year discoverable on Jan. 1 of that year, or when they are levied? If they involve prior year assessments, does the timing of the tax levy fall under title exceptions in a policy? Read on for the details and how an Illinois appellate court differed from the trial court on interpretation.
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Louisiana State Law Institute urged to study mortgage assignments
Posted Date: Tuesday, August 11, 2015
A concurrent resolution adopted in the Louisiana State Legislature urges the State Law Institute to study whether an assignment or transfer of a mortgage loan on residential real property should be required to be recorded in the appropriate mortgage or conveyance records in order to be effective as to third parties. Read on for more details.
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Former NFL All-Pro, mother convicted of mortgage fraud
Posted Date: Tuesday, August 11, 2015
A former NFL star and his mother were convicted of conspiring to steal more than $1.2 million by fraudulently obtaining six home equity loans on the mother’s home and falsely obtaining a loan on the NFL player’s home. Read on for more details.
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Settlement agent sentenced for role in $16M mortgage fraud scheme
Posted Date: Tuesday, August 11, 2015
A settlement agent was sentenced for his role on charges stemming from a multi-million dollar mortgage fraud scheme involving 45 properties and $16 million in mortgage loans used to purchase residential real estate in Washington, D.C. and Maryland. Read on for more details.
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Arizona investor convicted for role in $24M Nevada fraud scheme
Posted Date: Wednesday, August 5, 2015
An Arizona investor was convicted for his role in a $24 million fraud scheme after previous mortgage fraud charges were overturned by the Ninth Circuit Court of Appeals. The scheme involved 110 houses in Las Vegas and Henderson, Nev. Read on for more details.
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Title agency warns of check scam
Posted Date: Wednesday, August 5, 2015
When First International Title CEO Jim Moran was informed of a recent personal message sent to the company’s Facebook page about someone issuing fake First International Title checks, he was not fazed. Read on for more information about the scam and the steps that protected the company.
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New Jersey man sentenced for role in $5M mortgage fraud scheme
Posted Date: Thursday, July 30, 2015
A Nutley, N.J., man was sentenced for his role in a massive mortgage fraud scheme involving multiple properties in Elizabeth, N.J., including conducting real estate closings without being a licensed attorney or title agent. Read on for more details.
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Why electronically verify your reconciliation?
Posted Date: Thursday, July 30, 2015
Why is it important to electronically verify the reconciliation of your escrow account? RynohLive released a new white paper entitled “The Value of Electronic Verification of Reconciliation,” explaining why it’s important and why you can’t count on paper verification. Read on for more details.
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Payment processor, loan servicer enter consent orders with CFPB
Posted Date: Thursday, July 30, 2015
The Consumer Financial Protection Bureau took action against a payment processor and mortgage servicer for deceiving consumers with advertisements for a mortgage payment program that promised significant savings for making more frequent mortgage payments. Read on for more details.
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Former HUD-OIG special agent convicted of mortgage fraud
Posted Date: Thursday, July 30, 2015
A former special agent in charge with the Office of Inspector General for the Department of Housing and Urban Development has been convicted of two counts of making false statements to First Tennessee National Bank, N.A., to obtain a loan. He was convicted after a one-week jury trial. Read on for more details.
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Indiana agency’s license revoked by IDOI
Posted Date: Tuesday, July 28, 2015
After an Indiana Department of Insurance audit discovered that Indiana consumers were being overcharged by a title agency, it filed charges against the company and its owner. Shortly thereafter, the agency closed its doors. Read on for more details.
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New Jersey title company owner indicted for escrow theft
Posted Date: Tuesday, July 28, 2015
A title company owner from Laurel Springs, N.J., was charged with four counts of wire fraud for allegedly withdrawing money from his company’s escrow account to pay for personal expenses as well as the company’s operating expenses. Read on for more details.
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